Filing Flows › Carvana (CVNA) › Q4 2025
Carvana (CVNA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Carvana (CVNA) reported revenue of $5.6B for the fourth quarter 2025 (Q4 2025), +58% from a year earlier and -0.8% from the quarter before. Operating margin was 7.6%, net earnings $951M (17.0% of revenue).
Carvana, Q4 2025: revenue $5.6B (+58% year over year), operating margin 7.6%, net earnings $951M, operating cash flow $430M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.6B | -0.8% | +58% |
| Operating profit | $424M | -23% | — |
| Net earnings | $951M | +530% | — |
| Operating cash flow | $430M | +25% | +617% |
| Free cash flow | $379M | +23% | +953% |
What changed
Revenue was $5.6B in Q4 2025, up 58% year over year and down 1% from the previous quarter. Retail vehicle sales, net was the largest line at 74% of revenue.
Gross margin was 18.8%, down 2.8 points from a year earlier. Operating profit was $0.42B, a 7.6% margin (up 0.2 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, above the 7% margin then. Operating expenses grew 25% against revenue growth of 58%. Net earnings were $0.86B, up 985% year over year.
Operating cash flow was $0.43B (up 617% year over year), 45% of net income including minority interests. Non-cash charges added back $0.02B of share-based compensation. Working capital and other items used $0.54B. Capital expenditures of $0.05B left free cash flow of $0.38B.
Questions
What was Carvana's revenue in the fourth quarter 2025?
Carvana (CVNA) reported revenue of $5.6B for the fourth quarter 2025 (Q4 2025), +58% from a year earlier and -0.8% from the quarter before.
Was Carvana profitable in the fourth quarter 2025?
Operating profit was $424M (7.6% of revenue) and net earnings $951M.
Source: Carvana 10-K on SEC EDGAR.